The European Commission has formally identified North Korea as a high-risk third country with strategic deficiencies in anti-money laundering and counter-terrorist financing, according to EU documents published Thursday.

North Korea is one of 11 countries listed by the EU’s executive body in a document published supplementary to EU Directive 2015/849 – and if the listing is accepted – will be subject to further financial scrutiny. 

“Today, the European Commission has formally adopted a list of third countries having strategic deficiencies in their regimes on Anti-Money Laundering (AML) and Countering Terrorist Financing (CFT),” a press release read.

“This completes the package of stronger